Archive: 10/23/2007
Main News
UP AND DOWN WALL STREET DAILY By RANDALL W. FORSYTH
New Credit Storm Clouds Form
The first credit storm passed, but market barometers detect new hurricanes forming,
http://online.barrons.com/article/SB119265492134962430.html?mod=djemBF
New Credit Storm Clouds Form
The first credit storm passed, but market barometers detect new hurricanes forming,
http://online.barrons.com/article/SB119265492134962430.html?mod=djemBF
Transparency Urged for $75bn Superfund
Financial Times - Monday October 22, 10:32 BST
Financial Times - Monday October 22, 10:32 BST
Gartmore and BGI miss out on recovery
Statistical arbitrage hedge funds run by Barclays Global Investors and Gartmore struggled to rise last month despite the market rebound.
http://mail2.efnmail.co.uk/r/320506/MTk4MTI1OjE1NDI1/
Statistical arbitrage hedge funds run by Barclays Global Investors and Gartmore struggled to rise last month despite the market rebound.
http://mail2.efnmail.co.uk/r/320506/MTk4MTI1OjE1NDI1/
Sovereign-wealth funds too big to ignore
By William L. Watts MarketWatch
10/20/2007 1:52:00 PM
WASHINGTON (MarketWatch) -- The government-run investment pools known as sovereign wealth funds aren't new, but they're growing fast, causing heartburn for politicians and policymakers and leading to calls for the funds and their government masters to clarify their practices and intentions. Complete Story...
By William L. Watts MarketWatch
10/20/2007 1:52:00 PM
WASHINGTON (MarketWatch) -- The government-run investment pools known as sovereign wealth funds aren't new, but they're growing fast, causing heartburn for politicians and policymakers and leading to calls for the funds and their government masters to clarify their practices and intentions. Complete Story...
KPMG Warns on Forecasting Inaccuracy
Financial Times - Monday October 22, 08:46 BST
Financial Times - Monday October 22, 08:46 BST
Sunday , 21 Oct 2007
Has gold risen too rapidly in its latest price moves? While long term prospects remain good, short term volatility may move the price downwards as external factors come in to play.
Has gold risen too rapidly in its latest price moves? While long term prospects remain good, short term volatility may move the price downwards as external factors come in to play.
Slicing and Dicing Risk Rebounds on Banks
Financial Times - Monday October 22, 07:43 BST
Financial Times - Monday October 22, 07:43 BST
Ben Stein Watch: October 21, 2007
Conde Nast Portfolio - New York,NY,USA
He's been talking about subprime borrowers for 20 years? The subprime mortgage business barely existed 20 years ago. And in any case, the whole reason why ...
See all stories on this topic
Conde Nast Portfolio - New York,NY,USA
He's been talking about subprime borrowers for 20 years? The subprime mortgage business barely existed 20 years ago. And in any case, the whole reason why ...
See all stories on this topic
Standard & Poor's Revised Default And Loss Curves For U.S. Subprime RMBS
As the performance of the mortgage collateral underlying the 2006 U.S. subprime residential mortgage-backed securities (RMBS) rated by Standard & Poor's continues to deteriorate, coupled with a sustained weakness in the housing market, it's clear that the 2006 vintage will be the worst performing in recent history. In anticipation, we developed default and loss assumptions that reflect our opinion of the risk inherent in these securities.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYSYSQTVsLgHxhilpuHQJhuV2VSR
As the performance of the mortgage collateral underlying the 2006 U.S. subprime residential mortgage-backed securities (RMBS) rated by Standard & Poor's continues to deteriorate, coupled with a sustained weakness in the housing market, it's clear that the 2006 vintage will be the worst performing in recent history. In anticipation, we developed default and loss assumptions that reflect our opinion of the risk inherent in these securities.
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYSYSQTVsLgHxhilpuHQJhuV2VSR
IMF issues inflation warning despite credit crunch
The International Monetary Fund used its final communique on Sunday to warn that, despite the threats to the global economy from the credit crunch, inflation still poses a serious threat. (The Daily Telegraph)
http://mail2.efnmail.co.uk/r/320624/MTk4MTI1OjE1NDI2/
The International Monetary Fund used its final communique on Sunday to warn that, despite the threats to the global economy from the credit crunch, inflation still poses a serious threat. (The Daily Telegraph)
http://mail2.efnmail.co.uk/r/320624/MTk4MTI1OjE1NDI2/
Chinese party unveils new leaders *
China's Communist Party unveils its new leadership line-up, with new faces joining its top decision-making body.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/world/asia-pacific/7055739.stm
China's Communist Party unveils its new leadership line-up, with new faces joining its top decision-making body.
Full story:
http://news.bbc.co.uk/go/em/-/1/hi/world/asia-pacific/7055739.stm
Poland: Anticipating the Elections' Ripple Effects
http://www.stratfor.com/products/premium/read_article.php?id=297174
http://www.stratfor.com/products/premium/read_article.php?id=297174
New Hedge Fund Classifications Would Promote Transparency and Boost Investor Confidence, According to Bank of New York ...
PR Newswire via Yahoo! Finance Mon, 22 Oct 2007 5:30 AM PDT
The convergence between hedge fund and equity market returns, combined with inconsistencies in hedge fund classification, could cause widespread confusion on how such funds should be used to diversify investment portfolios and result in unrealistic return expectations for investors, according to a study conducted by The Bank of New York Mellon and independent research firm Oxford Metrica.
PR Newswire via Yahoo! Finance Mon, 22 Oct 2007 5:30 AM PDT
The convergence between hedge fund and equity market returns, combined with inconsistencies in hedge fund classification, could cause widespread confusion on how such funds should be used to diversify investment portfolios and result in unrealistic return expectations for investors, according to a study conducted by The Bank of New York Mellon and independent research firm Oxford Metrica.
Too few solutions for longevity hedging
Longevity risk, or the likelihood of people living longer than expected, is one of the biggest concerns facing pension funds and life insurers. Changing mortality rates have put increased pressure on these institutions as they struggle to manage their liabilities. The problem is that no one has yet come up with an effective hedge for longevity and some believe it may ultimately fall to sovereign borrowers to take the lead.
http://mail2.efnmail.co.uk/r/320512/MTk4MTI1OjE1NDI1/
To Cut or Not to Cut?
BusinessWeek - USA
Fed Chairman Ben Bernanke cautioned in a speech on Oct. 15 that "it remains too early to assess the extent to which household and business spending will be ...
See all stories on this topic
BusinessWeek - USA
Fed Chairman Ben Bernanke cautioned in a speech on Oct. 15 that "it remains too early to assess the extent to which household and business spending will be ...
See all stories on this topic
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Natural Disaster Corner
Climate Prediction http://www.nws.noaa.gov/predictions.php
World Meterological Organization http://severe.worldweather.org/
Tornadoes: http://www.disastercenter.com/tornado.htm
Great Sat Pictures of events: http://www.osei.noaa.gov/Events/Current/FSHScaliforniaNoColor295_G11.jpg
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Iranian Situation
Iran seen to need 3-8 yrs to produce bomb
Reuters via Yahoo! News Mon, 22 Oct 2007 9:45 AM PDT
Iran would need another three to eight years to make a nuclear bomb, the head of the U.N. nuclear watchdog said in an interview published on Monday, warning against any rush to use force to curb its nuclear ambitions.
Reuters via Yahoo! News Mon, 22 Oct 2007 9:45 AM PDT
Iran would need another three to eight years to make a nuclear bomb, the head of the U.N. nuclear watchdog said in an interview published on Monday, warning against any rush to use force to curb its nuclear ambitions.
Iran's top nuclear negotiator quits
International Herald Tribune Sun, 21 Oct 2007 5:08 AM PDT
Iran's chief nuclear negotiator, Ali Larijani, who was viewed by the West as a moderating influence in Tehran, resigned ahead of crucial talks with Europe this week.
International Herald Tribune Sun, 21 Oct 2007 5:08 AM PDT
Iran's chief nuclear negotiator, Ali Larijani, who was viewed by the West as a moderating influence in Tehran, resigned ahead of crucial talks with Europe this week.
New Iran negotiator to hold first nuclear talks
AFP via Yahoo! News Mon, 22 Oct 2007 8:48 AM PDT
Iran's new nuclear negotiator will meet EU foreign policy chief Javier Solana in Rome on Tuesday for his first talks on the atomic crisis with the West amid little expectation of any breakthrough.
AFP via Yahoo! News Mon, 22 Oct 2007 8:48 AM PDT
Iran's new nuclear negotiator will meet EU foreign policy chief Javier Solana in Rome on Tuesday for his first talks on the atomic crisis with the West amid little expectation of any breakthrough.
Putin and Ahmadinejad lead Caspian SeaTehran summit in reciprocal non-aggression pledge
16 Oct.: The presidents of Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan agreed that no Caspian Sea country should be used as a launch-pad for a military strike against a fellow littoral nation.
DEBKAfile’s sources report this decision has bound member-states hosting US bases to withhold their use for attacking Iran.
The Caspian summit which opened Tuesday is expected to lead to an agreement on legalizing the status of the rich Caspian resources and dividing them among its five littoral states - to the exclusion of interests outside the region.
The five Caspian nations also confirmed the right of each nation to produce nuclear energy for peaceful ends. Tehran is locked in a standoff with the US and Europe over their conviction that its “peaceful” program is the cover for a weapons drive.
Vladimir Putin, the first Russian president to visit Tehran since the Second World War, said after meeting French President Nicolas Sarkozy last week that he has no information of any such drive.
TUESDAY, OCTOBER 23 AT 9PM
FRONTLINE: "SHOWDOWN WITH IRAN"
As Iraq descends into chaos and civil war, this program examines the rise of
its neighbor -- Iran -- as one of America's greatest threats and most
pressing foreign policy challenges. Followed by "INDEPENDENT LENS" at 10pm.
FRONTLINE: "SHOWDOWN WITH IRAN"
As Iraq descends into chaos and civil war, this program examines the rise of
its neighbor -- Iran -- as one of America's greatest threats and most
pressing foreign policy challenges. Followed by "INDEPENDENT LENS" at 10pm.
_________________________________________________________________________
Opalesque’s Corner
- Opalesque Exclusive: Exploring the FoHFs universe (part 3) - How forward thinking, thematic and focused investing can reap generous returns: London FoF up whopping 8.69% (July) and 2.26% (August) to 32.49% YTD
- Five FoFs are raising money in the stock market as the industry is poised to profit from mispricing opportunities
- New launches: Ferox reopens flagship fund , up 18% YTD, Timothy Brog forms new activist firm, Goldman preps first mutual fund as hedge fund replicator, Pentium FoF puts FoFs manager in control of L/L exposure, Synergy joins a rush by hedge funds into asset-backed lending, raises GBP200 mil, Ryada to launch Islamic hedge fund with initial $100 million, ETF launched for timber and forestry, JPMorgan launches ETF and 130/30 funds
- Report calls for better fund research, efficient classification
- Threadneedle aims to build AUM from $3bn to $10bn within 5 years, Appia Capital aims for $20bn alternatives in 130/30, White paper: there will be more alternative assets attracting $2.5 trillion of net new cash by 2011
- High risk investing: There are an estimated 3m shipwrecks worldwide, Shipping hedge funds are struggling
- Does the rescue plan for the credit markets need to be saved?, Greenspan questions `superfund`, Bankers call for transparency in $75bn superfund
- Goldman takes lead in Cheyne Finance bailout, SIVs: `A flight to simplicity`, diminished investor`s tolerance for complexity, Greg Newton on the Citi-bailout super-SIV
- `The mother` of all tax proposals may set off the mother of all lobbying battles, Survey: average compensation for HF managers is only $25,000
- ECB`s Trichet: Signs of normalization of credit market conditions, IMF: Credit squeeze and criticisms deepen crisis, G7 / IMF / World Bank Meetings: at-a-glance guide to the main points, Recent market turmoil - Who has lost what
- Book review: Is quantitative investing fatally flawed?
- IAFE/CAIA event in NYC: Is volatility a diversification tool, market signal, and new asset class?
- Private Equity fundraising slows in Q3 2007 as record number of funds continues to hit the road
- Global listed property returns could reach 12% in 2008
- Soaring Canadian dollar trounces pension returns as 8% from MSCI World translates into -4.1% in C$
- People: Credit Suisse`s former vice chairman joins First Avenue Partners, New Asian fixed income head at Pictet Asset Management
- Dr. Richard Sandor named as one of Time Magazine`s Heroes of the Environment, Meet Dr Richard Sandor and the Chicago Climate Exchange, Global warming has a financial upside, Morgan Stanley sees US$1 trillion green market by 2030
- Commodities: It could be only a few years before water joins crude oil, pork bellies, orange futures and other commodities traded on global markets, The time to start preparing for higher oil prices and possible oil shortages is right now, T. Boone Pickens sees oil hitting $100 per barrel soon, Contrarian predicts dive to $55-a-barrel oil
- Legal News: The fund manager (Eustace), the stripper and the missing millions
- Northern Rock chairman resigns, British parliament to assess hedge funds role in Northern Rock debacle
- Forecast: Credit crunch will dampen UK economic growth, UK Housing market in for soft landing
- Switzerland hopes tax changes will win hedge funds from City
- Swedish HQ Bank converts trading unit into a hedge fund
- Sebi to meet FIIs, hedge funds today to discuss issue of P-notes, India`s Sensex falls on U.S. growth concerns, India`s foreign flow restrictions may help Russia
- Forecast: Asia to keep up strong growth
- Background: Japan looks to UK and its own past to find right economic and social model to counter China threat
- Australian super funds` allocation to alternative assets to increase to 15% in 5 years, Vanguard CEO says HFs need more regulation
- Activist News: Washington Group settles lawsuit, Schultze and Greenlight involved as shareholders, Activists test Silicon Valley, Monterrey criticised over iSOFT dealings, Hedge funds worry Delta pilots union, Macquarie raises Techem bid
- News Briefs: SEC distributes $356 million to defrauded investors, LiquidityHub to list treasuries, Managers argue for freer rein at Calpers, ECB`s Juergen Stark: Hedge funds not reason for financial market turmoil, Franklin Templeton imposes exit fee in six funds, Japan not to set up sovereign wealth fund to put $945.6 bln to work, Australia in world first with CFD platform
- . And Finally: WWII postcard reaches Japanese man (finally)
- Logon: http://www.opalesque.com/main.php?act=archive
- Five FoFs are raising money in the stock market as the industry is poised to profit from mispricing opportunities
- New launches: Ferox reopens flagship fund , up 18% YTD, Timothy Brog forms new activist firm, Goldman preps first mutual fund as hedge fund replicator, Pentium FoF puts FoFs manager in control of L/L exposure, Synergy joins a rush by hedge funds into asset-backed lending, raises GBP200 mil, Ryada to launch Islamic hedge fund with initial $100 million, ETF launched for timber and forestry, JPMorgan launches ETF and 130/30 funds
- Report calls for better fund research, efficient classification
- Threadneedle aims to build AUM from $3bn to $10bn within 5 years, Appia Capital aims for $20bn alternatives in 130/30, White paper: there will be more alternative assets attracting $2.5 trillion of net new cash by 2011
- High risk investing: There are an estimated 3m shipwrecks worldwide, Shipping hedge funds are struggling
- Does the rescue plan for the credit markets need to be saved?, Greenspan questions `superfund`, Bankers call for transparency in $75bn superfund
- Goldman takes lead in Cheyne Finance bailout, SIVs: `A flight to simplicity`, diminished investor`s tolerance for complexity, Greg Newton on the Citi-bailout super-SIV
- `The mother` of all tax proposals may set off the mother of all lobbying battles, Survey: average compensation for HF managers is only $25,000
- ECB`s Trichet: Signs of normalization of credit market conditions, IMF: Credit squeeze and criticisms deepen crisis, G7 / IMF / World Bank Meetings: at-a-glance guide to the main points, Recent market turmoil - Who has lost what
- Book review: Is quantitative investing fatally flawed?
- IAFE/CAIA event in NYC: Is volatility a diversification tool, market signal, and new asset class?
- Private Equity fundraising slows in Q3 2007 as record number of funds continues to hit the road
- Global listed property returns could reach 12% in 2008
- Soaring Canadian dollar trounces pension returns as 8% from MSCI World translates into -4.1% in C$
- People: Credit Suisse`s former vice chairman joins First Avenue Partners, New Asian fixed income head at Pictet Asset Management
- Dr. Richard Sandor named as one of Time Magazine`s Heroes of the Environment, Meet Dr Richard Sandor and the Chicago Climate Exchange, Global warming has a financial upside, Morgan Stanley sees US$1 trillion green market by 2030
- Commodities: It could be only a few years before water joins crude oil, pork bellies, orange futures and other commodities traded on global markets, The time to start preparing for higher oil prices and possible oil shortages is right now, T. Boone Pickens sees oil hitting $100 per barrel soon, Contrarian predicts dive to $55-a-barrel oil
- Legal News: The fund manager (Eustace), the stripper and the missing millions
- Northern Rock chairman resigns, British parliament to assess hedge funds role in Northern Rock debacle
- Forecast: Credit crunch will dampen UK economic growth, UK Housing market in for soft landing
- Switzerland hopes tax changes will win hedge funds from City
- Swedish HQ Bank converts trading unit into a hedge fund
- Sebi to meet FIIs, hedge funds today to discuss issue of P-notes, India`s Sensex falls on U.S. growth concerns, India`s foreign flow restrictions may help Russia
- Forecast: Asia to keep up strong growth
- Background: Japan looks to UK and its own past to find right economic and social model to counter China threat
- Australian super funds` allocation to alternative assets to increase to 15% in 5 years, Vanguard CEO says HFs need more regulation
- Activist News: Washington Group settles lawsuit, Schultze and Greenlight involved as shareholders, Activists test Silicon Valley, Monterrey criticised over iSOFT dealings, Hedge funds worry Delta pilots union, Macquarie raises Techem bid
- News Briefs: SEC distributes $356 million to defrauded investors, LiquidityHub to list treasuries, Managers argue for freer rein at Calpers, ECB`s Juergen Stark: Hedge funds not reason for financial market turmoil, Franklin Templeton imposes exit fee in six funds, Japan not to set up sovereign wealth fund to put $945.6 bln to work, Australia in world first with CFD platform
- . And Finally: WWII postcard reaches Japanese man (finally)
- Logon: http://www.opalesque.com/main.php?act=archive
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Misc. Items of Interest
Private School Shortage Hits Manhattan
BY ELIZABETH GREEN - Staff Reporter of the Sun
A long-dreaded private school supply shortage may have finally hit Manhattan. Concerns that too many families are applying for a scarce number of kindergarten spots come every year — and then usually pass by February as most children find places....
BY ELIZABETH GREEN - Staff Reporter of the Sun
A long-dreaded private school supply shortage may have finally hit Manhattan. Concerns that too many families are applying for a scarce number of kindergarten spots come every year — and then usually pass by February as most children find places....
Cigar Party to Be Exception to Hotel's Smoke-Free Rule
Marriott to Host Magazine Event, To the Chagrin of Anti-Smokers
(By Michael S. Rosenwald, The Washington Post)
Marriott to Host Magazine Event, To the Chagrin of Anti-Smokers
(By Michael S. Rosenwald, The Washington Post)
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Funnies, Facts, Quotes, etc….
flummery FLUHM-uh-ree, noun:
1. A name given to various sweet dishes made with milk, eggs, flour, etc.
2. Empty compliment; unsubstantial talk or writing; mumbo jumbo; nonsense.
2. Empty compliment; unsubstantial talk or writing; mumbo jumbo; nonsense.
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Conference, Courses, Books, Papers
Great Research Sites:
Merrill Lynch research Link to full report including important disclosures see example
John Mauldin’s Weekly Analysis
James Altucher’s Website:
Other useful sites:
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Index Corner
The CSFB/Tremont Hedge Fund Index www.hedgeindex.com.
The Cogent Dynamic Averages http://www.cogenthedge.com/home/inv_strategy.asphttp://www.cogenthedge.com/home/inv_strategy.asp
The Dow Jones Indices: http://www.djhedgefundindexes.com/index.cfm?event=viewPremiumContent (free registration)
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Regulatory Info
investor.info@sfc.hkhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
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Disclaimer
The information contained in this document does not constitute an offer or solicitation to sell any security or other type of vehicles to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this document be considered as financial advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Investor DNA, LLC from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Investor DNA, LLC is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice. All materials are the property of the
respective publishers, as referenced by header and appropriate hypertext links.
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